Estate Planning Perth
Estate planning is important to ensure your assets are protected when they are passed to your beneficiaries upon death. Bloxham Legal will provide you with expert advise on how to protect your assets, and minimise family disputes.
A Will is a legal document that outlines how your estate is to be distributed upon death.
You should review your Will regularly and ensure that it reflects your current wishes for your family. We highly recommend that your Will is reviewed in the following circumstances:
- Separation, divorce or marriage;
- The addition of children or grandchildren;
- The acquisition or disposal of company, trust or business assets;
- Every 3 years for superannuation purposes; and/or
- Any major change in circumstances, such as the death of a beneficiary, illness of executor or a drastic change in your financial situation, including debts or asset accumulation which may be a good time to consider setting up a testamentary trust.
In Western Australia, eligible persons can Contest a Will and make what is called a Family Provision claim (Inheritance Claim) if they have been left without adequate provision from a deceased estate. If you are eligible to make a claim on someone’s estate for further provision, the Family Provision Act 1972 states that you must make a claim on the estate within 6 months of the grant of probate.
If you do not have a Will, your estate will be distributed in accordance with a legal formula contained in section 14 of the Administration Act 1903 (WA) – Entitlements of intestacy. You will have no control over the allocation of your assets if you pass without a valid Will.
Since February 2008 Marriage and Divorce invalidates an existing will. In the event that you have married or divorced since preparing your Estate Plan, especially your Will, we suggest that you have a new Will drafted.
Enduring power of attorney
An enduring power of attorney is a legal document which allows someone else to deal with your financial and legal affairs in the event you are unable to do so for various reasons, or it is practically convenient to enable someone else to deal with your affairs. A power of attorney that is designed to continue to operate after loss of capacity is referred to as an enduring power of attorney. Unlike a Will, which operates only at the time of death, an enduring power of attorney is only operative during your lifetime.
Advance Health Directive
An Advance Health Directive is a legal document that can direct which medical treatment is administered to you in the event you lose capacity or are unable to communicate your wishes.
Please contact us on 0417994468 for initial legal advice to discuss your matter.